HIVE Digital Technologies, through its wholly owned subsidiary BUZZ High Performance Computing, has signed a five-year GPU cloud services agreement with an investment-grade enterprise customer valued at approximately $350 million in total contract value. The deal adds roughly $70 million in annualized revenue, bringing BUZZ HPC's total annualized revenue to approximately $180 million.
The revenue composition reflects the company's transition trajectory: about $35 million represents active, realized ARR today, while approximately $145 million sits in contracted ARR expected to come online through the fourth quarter of 2026. This structure means the majority of the new revenue base remains contingent on deployment execution.
Under the agreement, BUZZ HPC will deploy a dedicated AI cluster of 2,016 NVIDIA Blackwell Ultra GPUs configured in GB300 NVL72 rack-scale systems. The infrastructure will leverage NVIDIA Quantum-X800 InfiniBand networking and VAST Data storage, hosted at Bell's AI Fabric facility in Merritt, British Columbia. The site runs on 100% renewable hydroelectric power with closed-loop liquid cooling.
Capital expenditure for the deployment is estimated at approximately $185 million, covering computing hardware and associated warranties. The customer will provide an upfront deposit of about $35 million, equivalent to 10% of the total contract value. HIVE intends to fund the balance through prior financing initiatives and additional equipment financing, with the company referencing its June 2026 0% convertible as part of the capital structure.